CS First Boston Downgrades Viacom

Analyst Laura Martin also cut her ratings on other media stocks amid lower ad revenue and higher costs resulting from the terrorist attacks

Media giant Viacom (VIA.B ) warned that it sees lower than expected earnings this year as coverage of last week's terrorist attacks has led to higher costs and ad revenue declines. Viacom, which owns the CBS television station as well as MTV and Viacom cable stations, says it has lost revenue from the cancellation of the Latin Grammys and last week's National Football League games, as well as the rescheduling of the Emmy Awards and the delay of the new fall television season.

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